All Forum Posts by: Victor Eng

@Evan Ventura

You would be better off in the long run by ripping out the old tile and putting new tile down. I've used the standard HD 12x12in porcelain tiles. Good waterproof assuming grouted properly, easy to replace. Lasts for multiple tenancies.

@Derreck Wells @David Barnett @Drew Papas

Just wanted to share some insights on Worcester. My company is heavily invested there and you need to know where to look. True turn-key CoC returns are roughly 8-10% with IRRs in the mid teens from 1-2% appreciation and deleveraging. Anybody that tells you 20%+ turn-key CoC (no work done upon acquisition) is likely not telling you the whole story, unless they bought a value-add / opportunistic investment where their cost basis + rehab was kept low. The key is to get a good operator that will keep vacancy low and finding the right tenant.

Also want to echo Derreck Wells' thoughts. Since Worcester is a rental-heavy city and the average age is around 30-35, you will end up with many families with younger kids. It is always critical to ensure that lead certificates are on file, or that you budget the costs of eventually. 

However, I have never heard the UD rule on common areas. When you de-lead the common areas, I had the understanding that all 3 floors' common area was included on that, assuming that containment was blocked off on the entrances on the 2nd and 3rd floor.

Originally posted by @Account Closed:

Everyone should be careful with this.  Make sure you do not violate the fire code by blocking some of the required exits.

 This. Please be careful to check your local ordinances. There are exceptions to this such as rooming houses etc.

I'm specifically referring to the keyhole entries. The bedroom knobs where you can stick a toothpick in to open is fine. Again, check your local ordinances

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@Paul Lombardi @Karen Bickford @Joan L.

I have done this on a limited number of properties. One thing I have not seen mentioned is that you will be required to install water-saving devices on showerheads, replace toilets that flush efficiently, low flow faucets, which will be an upfront capital cost. On a standard triple decker - converting everything cost about $2k.

http://www.mass.gov/eohhs/docs/dph/environmental/s...

Hope that's helpful!!

@Jack B.

Don't rent to the prospective tenant. I know the frustration of trying to fill a unit once you hit 45-60 DOM. It is far better to wait and land someone that qualifies. I've made the mistake in the past of settling for a tenant and for all of those "exceptions" I've made in the past with sub 550 credit, I've regretted ever one of them. 100% have had problems.

Sadek Ali The short answer is lack of financial literacy combined with struggle to save up for a down payment. Many do not have the financial awareness that the buy vs rent is much closer that what it appears. Even those calculators online do not all reflect the tax benefits of buying vs renting. Other contributing factors are the convenience of renting.

Adam Michael I'm in the MA markets. Multi family units are landlords responsibly for landscape and snow. Single family you can put provision in lease. Snow removal contracts we have in place don't specify time. First push goes out once 3 inches, second push another 3 etc. If it's less than 3, they are on hold and usually wait for my directions. Pricing in my markets usually $40-$50 per push, and $20 per entrance Ann Bellamy Does that seem in line with your experience?

@Erin Malone I do not think you should be overly concerned as it IS the slowest time of the year for rentals. I suggest that instead of lowering the rent, you can offer incentives such as 1/2 months off or the rest of January rent free. I have gone as far as to offer first month free. The way I've thought about it is, if it's going to sit on the market for 30 days, I might as well offer the incentives. I've had much success that way.

@Scott Weaner made a good suggestion. Please post the link to the ad. Perhaps it's not as attention grabbing as it can be.

Hi BP, 

I finally took the plunge to Pro! Looking forward to taking REI even more seriously this year!